Spartan Motors Inc. nearly doubled its profits during the company’s second quarter, ended June 30, representing the sixth consecutive quarter of year-over-year improved earnings.
The Charlotte, Mich.-based chassis builder reported second-quarter net income increased 95% to $5 million from $2.6 million a year prior on a 22% rise in sales to $109.2 million compared with $89.3 million. Through the first six months, Spartan’s earnings increased 105.8% while revenues grew 19.4%.
The company attributed the strong quarter to gains in its fire truck and military segments along with a 24.3% increase in sales of motorhome chassis through its Spartan Chassis subsidiary.
“We grew RV chassis sales compared to last year’s quarter, despite the overall downturn in the RV market,” said John Sztykiel, president and CEO of Spartan Motors. “This improvement was due to our market share gains and the increased number of models that now feature Spartan chassis. Over the short term, current geopolitical events and economic uncertainty continue to create challenges for the RV industry. Looking over the long term, 11,000 people turn the age of 50 each day; this bodes extremely well for Spartan and the RV industry.
In addition, the company announced that it has been added to the new NASDAQ Global Select Market, which features the highest initial listing standards of any exchange in the world based on financial and liquidity requirements.